How to Make Money on YouTube in 2024: 7 Easy Strategies

Are you ready to turn your passion into profit and learn how to make money on YouTube?

With millions of active viewers and a growing platform, YouTube offers creators a wealth of opportunities to earn a living. But with so many channels vying for attention, how do you stand out and start making money on YouTube in 2024?

Here we explore seven effective strategies to monetize your YouTube channel, taking into account the latest trends and features. Whether you’re a seasoned content creator or just starting out, these tips can help you unlock your earning potential on YouTube. 

Without further ado, let’s dive in:

1. Join the YouTube Partner Program (YPP)

Whether you want to earn money on YouTube as a content creator, joining the YouTube Partner Program (YPP) and setting up monetization is a vital step.

You’ll have to agree to follow all of YouTube’s monetization policies and live in a country or region where the YPP is available. Then, you can apply for monetization once you hit 1,000 subscribers and 4,000 watch hours over the past year, or 1,000 subscribers with 10 million valid public Shorts views within the past 90 days.

Here’s how to enable monetization on YouTube:

 

1. 1. Sign in to the YouTube account you want to monetize.

1. 1. Click the icon for your account in the top right corner.

1. 1. Click YouTube Studio.

1. 1. In the left menu, select Other Features > Monetization.

1. 1. Read and agree to the YouTuber Partner Program terms and eligibility requirements.

1. 1. Create a new Google AdSense account or connect an existing one to your channel .

1. 1. Set your monetization preferences.

Once that’s done, head back to the dashboard and click the Analytics tab on the left side. From there, you’ll need to choose Revenue from the tabs at the top. Then scroll down to the chart Monthly Estimated Revenue to get an idea of your predicted YouTube revenue.

2. Sell products or merchandise

Another great way to make money on YouTube is by selling different products. You can sell merch such as t-shirts, coffee mugs, tote bags, snapbacks, you name.

Merchandise increases your exposure by putting your online brand and personality into the offline world. And it deepens the relationship between you and your fans as they literally “buy” into what you’re doing. 

Creator Roman Atwood sells a variety of merchandise in his store under the Smile More brand:

How can you create your own products or merchandise?

You can order affordable designs tailored for specific products, like t-shirts, using freelance sites such as Fiverr. And for handling orders, integrate your store with DSers or print-on-demand providers. These services manage shipping, fulfillment, and customer support, allowing you to enjoy the benefits of a print-on-demand business with less effort.

You can also partner with an existing merchandising network for creators, such as DFTBA (Don’t Forget to Be Awesome). But remember that with this option you’ll have to compete with other YouTubers. This means you will have less control over adding products, offering discounts, integrating your content, and all the advantages that come with owning your own ecommerce site.

As a YouTuber who’s already earned an audience, you’ll have two advantages from the start that other store owners would be jealous of:

 

1. 1. A content engine that consistently drives traffic to your store

1. 1. Your audience’s trust, which you’ve earned by regularly serving them your own brand of content for free
      
      
      

3. Leverage Ads & Paid Media Strategically

Ads are a built-in monetization tool within YouTube offering creators a chance to generate income directly from their content. 

At first, navigating ad options might seem like a technical hurdle, but understanding the basics can be surprisingly straightforward.

Here’s how to leverage ads to make money on YouTube:

 

• • Know Your Ad Options: YouTube offers three main ad formats:
    

     

    • • Pre-roll Ads: Short ads that appear before your video starts.
    • • Mid-roll Ads: Ads inserted during natural breaks within your video content.
    • • Display Ads: Text or banner ads displayed alongside your video.

 

• • Target the Right Audience: Understanding your audience demographics is crucial for optimal ad performance. YouTube Analytics provides valuable insights into your viewers’ age, location, and interests. Utilize this data to target ads that resonate with your audience, leading to higher click-through rates (CTRs) and ultimately, more revenue.

• • Experiment with Ad Placement: Not all ad placements are created equal. Experiment with different placements within your videos (e.g., at the beginning, middle, or end) to see what resonates best with viewers and minimizes disruption. Finding the sweet spot between maximizing ad impressions and maintaining viewer satisfaction is key.

• • Optimize Ad Settings: YouTube allows you to customize ad settings within your YouTube Studio dashboard. Explore options like frequency capping to control how often viewers see the same ad, and ad formats to choose which ads appear on your channel.
    
    
    

4. Make money on YouTube with Channel Memberships & “Fan Funding”

Another great way to make money on YouTube is to set up Channel Memberships and  “fan funding” streams to source donations from your audience.

As a creator, you’re contributing your voice to the internet without forcing your audience to pay for admission. So, if you’re offering good content, your audience will be inclined to support you. Fan-funding platforms, like Patreon, offer creators another place for people to discover their content. And a way to engage their most loyal audience and reward them for their support.

Wait But Why creates more long-form written content than YouTube videos but is a great example of receiving support from the Patreon community.

Fan Funding Best Practices

If you choose the crowdfunding route, be sure to follow a couple of best practices. First, create transparency around how the money will be spent. This will get your fanbase invested in your story or mission, and they will literally buy into the value of your content.

Second, offer enticing rewards for better pledges. The more you can make donors feel like they’re getting something exclusive for being a loyal fan, the more likely you are to get donations and higher pledges.

Some popular fan funding options include:

 

• • YouTube Super Chat & Super Stickers. Super Chat is a feature used when doing live streams on YouTube. It lets you create a tipping jar for your viewers to donate whenever and however much they feel like contributing. Super Stickers are animated images that users can surface in a live chat. You’ll need to set up your YouTube account for advertising, as outlined above.

• • Channel memberships. Channel memberships let viewers support your channel through monthly payments in exchange for members-only perks. Similar to Super Chat, you must be a part of YouTube’s Partner Program to access this feature.

• • Patreon. The membership platform that makes it easy for creators to get paid. Fans can subscribe to their favorite creators for as little as a dollar a month and receive exclusive rewards.

• • Tipeee. This platform lets you get a combination of both one-off and recurring donations.

• • Buy Me A Coffee. Buy Me A Coffee lets creators and artists accept donations and membership fees from their fans. It’s referred to as the “#1 Patreon Alternative,” with over 300,000 creators. The differences are it’s easier to accept payments with Buy Me A Coffee, there’s a flat 5% fee for all features (versus up to 12% for Patreon), and payouts are instant.
    
    
    

5. License your content to the media

If you happen to create a viral video with mass appeal—say, a funny clip featuring your dog—you can license your content in exchange for money. TV news outlets, online sites, and other creators might reach out about the rights to use your videos if they happen to go viral.

You can also list your videos in a marketplace, such as Jukin Licensing, where people are actively browsing for content to purchase. When this video of a woman wearing a Chewbacca mask went viral, tons of media outlets wanted in. 

Licensing your videos presents a unique opportunity to make money on YouTube by allowing your work to be used on other platforms.

How to leverage video licensing as a YouTube monetization strategy:

 

• • Identify Potential Licensees: News channels, websites focusing on your niche, and even educational platforms might be interested in licensing your content. Research potential partners who could benefit from your videos to add value to their audience.

• • Showcase Your Best Work: Create a compelling portfolio showcasing your most successful videos or unique content with clear descriptions and engagement metrics (views, likes, comments). Consider platforms like Vimeo or Revry specifically designed for video creators to showcase and sell their work.

• • Understand Licensing Agreements: Before finalizing any deals, ensure you understand the terms of the licensing agreement. This includes the duration of the license, the platforms where your video can be used, attribution requirements (ensuring you receive proper credit), and of course, fair compensation for your work. Consider working with a lawyer specializing in copyright law if dealing with complex agreements.
    
    
    

6. Make money on YouTube by partnering with Brands

Brands are investing more and more in influencer marketing and it’s not unusual for them to spend large chunks of their advertising budgets on influencers who’ve already won the loyalty of their audiences. 

This creates a massive opportunity for you as a creator to make money on Youtube if you can negotiate the right deals. In the example below YouTuber Shannon Andersen gives detailed reviews on Suvie’s kitchen robot.

 

How much money can you make with Brand Deals?

Brendan Gahan, a YouTube marketing expert and influencer, recommends establishing your baseline flat fee by looking at the number of views your videos typically get. Then multiply it by $0.05 to $0.15 per view (which is around what many brands are willing to pay for views via YouTube ads). According to data from WebFX, the potential prices for influencer marketing on YouTube are:

 

• • $20 per video for a YouTuber with 1,000 subscribers

• • $200 per video for a YouTuber with 10,000 subscribers

• • $2,000 per video for a YouTuber with 100,000 subscribers

• • $20,000 per video for a YouTuber with 1,000,000 subscribers

Depending on your leverage—your target audience, content quality, and how unique and profitable your niche is—you might be able to negotiate a better deal.

The key when partnering on brand-sponsored content is to be transparent about it. Don’t endorse anything you don’t actually like or believe in, and be upfront with your audience about why you’re doing it.

How can you land your first brand deal?

Here are just a couple of the many influencer marketing platforms you can add your channel to and get discovered by brands both big and small:

 

• • Crowdtap. Complete small content creation “tasks” in exchange for money and other rewards. There’s no restriction on how many followers you need to join.

• • Upfluence. A full-scale influencer platform with a database over 3 million influencers. Clients can search through Upfluence to find creators by keyword and contact them to form a partnership.

Some influencer marketplaces offer influencer gifting, while others are known for having big brands who are willing to pay more. Capitalize on the opportunities that best suit your needs, but list yourself in as many places as you can to ensure maximum visibility for your channel.

7. Make money on YouTube as an Affiliate Marketer

Affiliate marketing is another great way to make money on YouTube in 2024. You can do this by promoting a product or service made by another brand. 

If you become an affiliate marketer for brands you’ll be responsible for including product placements, endorsements, or other types of content in your YouTube videos. Just make sure you disclose the partnerships to viewers in your videos.

Here’s how to turn your product recommendations into a revenue stream:

 

• • Find Relevant Affiliate Programs: There are countless affiliate programs available across various industries. Popular platforms like Amazon Associates and ShareASale [invalid URL removed] offer a vast selection of products you can promote. Choose programs that align with your content niche and target audience to ensure authenticity and relevance.

• • Organic Integration is Key: Don’t just shove affiliate links in your video descriptions. Authentically integrate product recommendations within your content. For example, in a makeup tutorial, you could showcase the specific eyeshadow palette you’re using, highlight its benefits throughout the video, and then mention your affiliate link in the description for viewers interested in purchasing it themselves.

• • Transparency Builds Trust: Always disclose that you’re using affiliate links in your videos. You can do this by mentioning it verbally or using a simple text overlay stating “affiliate link” when showcasing a product. Transparency builds trust with your audience and encourages them to support you through your affiliate links.

• • Track Your Performance: Most affiliate programs offer analytics tools to track clicks, conversions (purchases made through your link), and commission earned. Utilize this data to understand which products resonate most with your viewers and optimize your affiliate marketing strategy for better results.

Remember that building a successful YouTube channel takes time and effort. If you are consistently creating high-quality content, strategically utilizing features, and nurturing your audience, you can turn your passion into a source of income on YouTube in 2024.

Here at Clipmasters.io, we know how important it is to create high-quality engaging content. If you want to stand out on YouTube but could use some help with video editing, then check out our different plans and find the right tier for your business.